Sending mates money with captions like 'Nose Beers' or 'BJs' could stop you getting a home loan

funny shit 04/10/2019

'Not Drugs' ain't fooling the bank...

Submitting a successful home loan application is a massive step for most, but unfortunately plenty won't get there as quickly as they'd like for a reason you might not believe at first.

Imagine doing all the paperwork and saving all your cash just for the lender to flag you for some questionable spending history.

Domain report that if you've exchanged money with mates and tried to be a funny guy by adding captions like 'bender', 'strip clubs' or 'bj's', the banks might delay your application.

Chris Foster-Ramsay, principal finance broker at Foster Ramsay Finance, strongly advised against using joke labels when sending money.

"If that person happens to be in the property market at that time, the bank's going, 'Hang on, what's this?' Particularly if there's $50 here or $50 there," he told Domain.

[Banks ask,] 'Is it adult entertainment?'... If that happens over a period of time, the bank is picking up on it. Bank statements are a legal document. You have to be semi-serious about it. As fun as it may be, it's not advisable to be creative in the transfer text.

Domain says that banks will even pull you up if they notice frequent appearances of UberEats or Netflix to see if you're spending wisely.

Thankfully, it seems like giving transactions comedic names won't completely shut you out, but it can slow things down.

40Forty Finance director Will Unkles also told Domain: "I've seen everything [on bank statements], from things that are pretty outlandish, to things that are 'dinner'. 

"It is something that's going to hold up the process but it's not something that's going to mean you won't get a home loan."

So maybe think twice before you flick your mate that $100 for 'nose beers'.